中国经济网北京11月19日讯汇宇制药(688553.SH)今日收报20.60元，跌幅5.24%。目前该股处于破发状 态。 2021年10月26日，汇宇制药在上交所科创板上市，公开发行股票6360.00万股，发行价格为38.87元/股， 保荐机构、主承销商为中信建投（601066）证券，保荐代表人为杨泉、田斌，联席主承销商为国都证 券。 汇宇制药发行募集资金总额为24.72亿元，扣除发行费用后，募集资金净额为23.61亿元。汇宇制药最终 募集资金净额比原计划多4.53亿元。汇宇制药于2021年10月18日披露的招股书显示，公司拟募集资金 19.07亿元，分别用于汇宇欧盟标准注射剂产业化基地(二期)项目、汇宇创新药物研究院建设项目、补充 流动资金。 汇宇制药发行费用合计1.11亿元，其中中信建投证券、国都证券获得承销费9887.48万元。 上市当日，汇宇制药盘中最高报42.59元，创上市以来股价最高点。 ...

Group 1 - The aerospace ETF (159227) rose by 1.1% with a transaction volume of 0.81 billion yuan, leading its category. Key stocks such as Yaguang Technology and Aerospace Development hit the daily limit, while Guoke Military Industry, Tianhe Defense, and Great Wall Military Industry also saw gains exceeding 3% [1] - The 27th China International High-tech Achievements Fair concluded in Shenzhen on November 16, showcasing significant interest in the aerospace industry. The event highlighted the collaboration between national key projects and specialized innovative enterprises, demonstrating the "Aerospace+" integration and innovation momentum [1] - CITIC Securities believes that China's military industry has evolved from a model reliant on domestic demand to a new development pattern driven by three forces: "domestic demand foundation, foreign trade expansion, and civilian support." This shift is fundamentally reshaping the landscape and boundaries of China's military industry, transitioning from "cyclical growth" to "comprehensive growth" [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the first-level military industry, making it the highest "military purity" index in the market. It is deeply invested in the aerospace industry chain [1] - The constituent stocks are selected from leading companies in the military sector, covering emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace, aligning closely with the direction of new productive forces development [1]

Market Overview - The market experienced fluctuations with the three major indices opening lower and closing down. The Shanghai Composite Index fell by 0.81%, the Shenzhen Component Index decreased by 0.92%, and the ChiNext Index dropped by 1.16% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion, an increase of 15.3 billion compared to the previous trading day [1] Lithium Carbonate Market - CITIC Securities indicated a shift from supply pressure to demand-driven dynamics in the lithium carbonate market, forecasting a new cycle for lithium carbonate. In November, the supply of lithium carbonate was approximately 115,000 tons, while demand reached 128,000 tons, resulting in a shortage of about 13,000 tons [2] - The ongoing strong demand is expected to continue supporting orders into next year, with a significant improvement in the supply-demand fundamentals for lithium carbonate anticipated due to sustained energy storage demand [2] - Static forecasts suggest that by 2026, global lithium resource supply will reach 2.089 million tons, while consumption will be 2.004 million tons, indicating a structural shortage in the lithium market [2] Non-Ferrous Metals Outlook - Zhongtai Securities expressed optimism for a comprehensive bull market in the non-ferrous metals sector, highlighting that disruptions in major mines have led to significant downward revisions in global copper mine increments for next year [3] - The demand for industrial metals is expected to benefit from a global interest rate reduction cycle, with traditional demand recovering and new energy demand continuing to rise [3] - The outlook for energy metals, particularly lithium and cobalt, is positive due to improved supply-demand dynamics and price expectations following supply constraints [3] AI Infrastructure and Projects - Huatai Securities recommended ongoing attention to the "Qianwen" project initiated by Alibaba, which aims to compete with ChatGPT. The project was launched on November 17, with the public beta version of the Qianwen app now available [4] - The Qianwen app is seen as a significant move in the domestic AI competition, integrating various life scenarios and leveraging the latest AI models from Alibaba's Tongyi Laboratory [4] - The development of AI infrastructure and related upstream beneficiaries is expected to be a key area of focus moving forward [4]

截至2025年11月，公司已在全国31个省级行政区、337座城市设有超48000个服务网点，投放按摩设备超 过533000张。2022年底至2024年底，服务网点数量由21727个增至45993个，年复合增长率约45.49%。 累计可识别服务消费者逾1.74亿人，注册会员超4000万。覆盖约70.4%的大型商业综合体、35%的高票 房影院、60%的高人流机场。 2024年中国机器按摩服务市场规模为27亿元，约占整体按摩市场0.5%；乐摩科技在整体按摩市场中份 额为0.2%。 乐摩科技通过港交所主板上市聆讯，由中信建投（601066）国际和申万宏源香港担任联席保荐人。公司 以"乐摩吧"品牌运营，主营在中国各地公共场所（如商业综合体、影院、交通枢纽）投放按摩椅提供服 务。 2022至2024年，按交易额计，乐摩科技在中国机器按摩服务市场连续三年排名第一，2024年市场份额达 42.9%；按收入计，2024年市场份额超50%。 ...

Core Insights - On November 17, the Qianwen App was launched for public testing, and its ranking on the iOS free chart rose from 45th to a peak of 6th on the same day [1] - Alibaba's AI strategy has primarily focused on B-end applications, emphasizing large models and cloud services, with the Tongyi model family having over 170,000 global derivative models, making it the model family with the most derivatives [1] - The launch of the Qianwen App signifies Alibaba's strong expansion into C-end applications, positioning it as a comprehensive AI assistant that aims to become a key entry point for C-end traffic in the AI era, integrating various user needs, preferences, and business data [1] Company Strategy - The Qianwen App is designed to cover a wide range of content creation and lifestyle service scenarios, including shopping, local living, and travel [1] - The app's development reflects Alibaba's intent to consolidate user engagement and streamline access to diverse services through a single platform [1]

Core Insights - The launch of Qianwen App on November 17 led to a significant rise in its iOS free chart ranking, moving from 45th to a peak of 6th place [1] - Alibaba's AI strategy has primarily focused on B-end applications, emphasizing large models and cloud services [1] - The Tongyi model family has over 170,000 global derivative models, making it the model family with the highest number of derivative models [1] - The introduction of Qianwen App signifies Alibaba's strong expansion into C-end applications [1]

（原标题：中信建投：阿里(09988)发力C端AI应用 千问探索下一代流量入口） 智通财经APP获悉，中信建投证券发布研报称，11月17日千问App公测上线，当天iOS免费榜排名从第 45名快速上升至最高第6名。此前阿里(09988)AI布局以B端为主，聚焦大模型和云业务。其中通义模型 家族的全球衍生模型数量超17万，已成为衍生模型数量最多的模型家族。千问App的上线意味着阿里向 C端应用强势拓展。 中信建投认为，千问App定位为全能AI助手，长期有望成为AI时代的C端流量入口，整合用户的各种需 求、偏好和业务数据，一站式覆盖内容创作与生活服务场景(如购物、本地生活、出行等)。 中信建投主要观点如下： 1）功能：聊天框为核心，子功能更丰富。千问App的主页为聊天框形式，中间位置显示热搜问题，下 方罗列14个子功能。其中5个是创新功能，如AI翻译在文本翻译基础上，率先支持上传图片和文档翻 译、同声传译，覆盖更多实际需求。 2）生态：AI电商初见雏形。目前千问App可以看图搜索同款产品并提供购买链接。在没有特别要求的 情况下，AI自动返回淘宝、1688、闲鱼三大平台的购买链接，满足不同消费能力的用户需求。千问与 ...

Core Viewpoint - The current market expectations for automotive stimulus policies and total production and sales volume for next year are weak, indicating a diminished cyclical attribute of the automotive sector. The core focus is shifting towards technology attributes and emerging growth directions [1] Group 1: Automotive Industry Insights - Xpeng Technologies recently launched its second-generation VLA large model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1] - By 2026, with the technological iterations and mass production of Tesla's FSD V14, Robotaxi, and Optimus, the automotive and robotics sectors are expected to experience a pivotal industry trend [1] - The core applications of physical AI in vehicles and robots may lead to a reassessment of the technology attributes of automotive stocks [1]

Core Viewpoint - The report from CITIC Securities indicates that China's military industry is evolving from a reliance on domestic demand to a new development model driven by three engines: domestic demand, foreign trade expansion, and civilian applications supporting military needs [1] Group 1: Domestic Military Demand - The first curve of domestic military demand focuses on "preparation for combat" and equipment modernization, driven by stable growth in defense budgets and the upgrading of equipment during the 14th Five-Year Plan [1] - Key growth directions include strong deterrence through high-precision and systematic unmanned low-cost technologies [1] Group 2: Military Trade Expansion - The second curve represents military trade expansion, where China's military trade share continues to rise due to cost-effectiveness, systematic combat capabilities, and geopolitical cooperation under the Belt and Road Initiative [1] - This expansion allows China to become a significant global supplier, achieving both strategic influence and economic benefits [1] Group 3: Civilian Applications of Military Technology - The third curve involves the civilian application of military technology, leading to the emergence of trillion-level new industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft [1] - This trend promotes the development of new processes, materials, and devices, creating a virtuous cycle of "military technology benefiting civilian applications, which in turn supports military development" [1]

Core Viewpoint - Strong demand is leading to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons in November, resulting in a shortfall of about 13,000 tons, indicating a continuous destocking in the market [1] Supply and Demand Analysis - The current supply of lithium carbonate is approximately 115,000 tons, while demand is at 128,000 tons, creating a shortage of around 13,000 tons [1] - The consumption during the off-season remains robust, with orders expected to support demand into next year, shifting the supply-demand imbalance from supply pressure to demand-driven [1] Long-term Outlook - In the medium to long term, the sustained growth in energy storage demand is expected to drive a price increase across the entire lithium battery supply chain, significantly improving the fundamental supply-demand dynamics for lithium carbonate [1] - Static forecasts indicate that global lithium resource supply will reach 2,089,000 tons and consumption will be 2,004,000 tons by 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1] - Considering the inventory buildup in the supply chain, a structural shortage of lithium is anticipated in 2026, with price drivers shifting from supply pressure to demand-driven increases [1]